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Chief Administrative Office recommending the Board adopt and authorize the Chair to sign Resolution 227-2019, joining the California Enterprise Development Authority (CEDA) as an Associate Member, authorizing the County to join the Figtree Property Assessed Clean Energy program, and authorizing CEDA, through Dividend Finance, LLC, to offer their program and to conduct contractual assessment proceedings and levy contractual assessments within the County and authorizing related actions, for both residential and commercial projects.
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DISCUSSION / BACKGROUND
On March 19, 2019 (Legistar #19-0398) the Board received presentations from two new PACE providers and directed staff to prepare resolutions allowing their operation in El Dorado County. Staff has finalized the necessary resolution for the Figtree Property Assessed Clean Energy program (through Dividend Finance, LLC), and is presenting it here for adoption.
Property Assessed Clean Energy financing programs (PACE) provide upfront financing to residential, commercial, industrial and agricultural property owners who voluntarily enter into financing agreements for eligible property improvements, such as energy efficiency projects, water conservation improvements, electric vehicle charging stations and renewable electricity generation installations (i.e., solar). Loan repayment is made through a property assessment which is collected along with an owner’s property taxes with repayment terms ranging from 5 to 30 years. Under these financing programs, property owners repay the contractual assessment or special tax through their property tax bill that functions as a senior lien on the property.
State law (AB 811 and SB 555) enables counties to establish PACE programs. The Improvement Act of 1911 (Division 7 of the California Highways Code), as amended by AB 811, allows for property owners to enter into voluntary contractual agreements with special districts to finance permanent energy eff...
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